Asia and the reform of global governance

Abstract

Asia's growing economic weight in the world economy is unlikely to produce substantial changes in global economic governance. National economic capabilities are not easily translated into influence over governance outcomes or institutions. Governments must deploy strategies of engagement with key institutions; incumbent powers will attempt counterstrategies. Coalition-building within and outside the region confronts substantial obstacles that reduce Asia's bargaining leverage. Asian preferences over institutional design and policies are unlikely to diverge from the status quo. A more pessimistic scenario includes resistance to global surveillance, spillover from other issue-areas, and defensive regionalism that undermines global institutions. © 2010 The Author. Asian Economic Policy Review © 2010 Japan Center for Economic Research.